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  • LIC Child Fortune Plus Plan

    LIC Life Insurance

    The LIC Child Fortune Plus plan is a unit linked plan that offers an individual the opportunity to plan for his or her child's future as well as take care of educational expenses and many other similar needs and requirements. Parents can avail of this plan by opting for either single premium or regular premium options, depending on the age of the child. The LIC policy will run until the child reaches 25 years of age or until the policyholder reaches 75 years of age, whichever takes place sooner.

    Eligibility Criteria For LIC Child Fortune Plus

    Minimum Entry Age For Life Assured 18 years
    Maximum Entry Age For Life Assured 55 years
    Minimum Entry Age For Child None
    Maximum Entry Age For Child Regular Premium - 10 years Single Premium - 17 years
    Maximum Maturity Age (nearest birthday, whichever is earlier) Life Assured - 75 years Child - 25 years
    Policy Term (nearest birthday, whichever is lower) Life Assured - 75 years Child - 25 years

    Key Features Of LIC Child Fortune Plus

    Plan Type Unit Linked Plan under which the policyholder insures himself or herself to meet the child's needs. The child enlisted under the policy will be the nominee
    Plan Basis Individual
    Premium Paying Terms
    • Single premium
    • Regular premium
    Policy Term
    • Until the child reaches the age of 25
    Or
    • Until the Life Assured reaches the age of 75
    whichever is lower
    Maturity Benefits Sum equal to the fund value of the policyholder will be paid in the event the Life Assured or the child has survived to the point of the date of maturity of the contract
    Premium Payment Frequency
    • Single premium payment as lump sum
    • Regular premiums at the following intervals
      • Yearly
      • Half-yearly
      • Quarterly
      • Monthly
    Minimum Premium
    • Regular premium paying term policy
      • Monthly mode - Rs 1,000 per month
      • Other than monthly mode - Rs 10,000 per year
    • Single premium policy - Rs 40,000 per year
    Sum Assured
    • Regular Premium
      • Minimum - 5 times the annualized premium
      • Maximum - 25 times the annualized premium if entry age is upto 45 years, and 15 times the annualized premium if entry age is over 45 years
    • Single Premium
      • Minimum - 1.25 times the single premium
      • Maximum - Up to 5 times the single premium depending on the age of Life Assured at the time of maturity of the contract
    Partial Withdrawals Partial withdrawals are allowed after the completion of three years of the policy
    Switching Switching allowed between fund types subject a charge of Rs 100 per switch
    Risk Cover Change Increase of risk cover not allowed. Decrease of risk cover only allowed once a year, within stipulated limits
    Policy Revival The policy can be revived within two years from the date of the first premium missed
    Top Up Premium top-ups can be paid in multiples of Rs 1,000 at any point during the policy's duration, provided all premiums up to that point have already been paid
    Reinstatement The policy cannot be reinstated once it has been surrendered
    Settlement Option Settlement option may be exercised at the time of maturity, provided the policyholder or the nominated child has survived to the point of maturity of the contract. The policy money will be paid over a duration of no more than 5 years from the maturity date.
    Loan Facility No loan facility available
    Cooling Off Period Policy can be returned within 15 days if terms and conditions are unsatisfactory

    Benefits/Advantages of LIC Child Fortune Plus

    LIC Child Fortune Plus offers policyholders the following key benefits and advantages:

    • Death Benefit
      • In the event of the death of the Life Assured, the Sum Assured will be payable to the nominated child provided he or she is also alive
      • Should the Life Assured pass away following the death of the child, a combination of the fund value of the policyholder, the Sum Assured and a sum equivalent to any future as well as outstanding premiums will be payable to the specified nominee or legal heir
      • Should the child pass away prior to the policyholder's death, then the policy will carry on until it reaches the date of maturity or until the policyholder is alive, depending on which comes earlier
      • Should the child pass away following the death of the policyholder then a sum equivalent to the fund value of units will be paid to the legal heir of the policyholder, following which the policy will lapse
    • Maturity Benefit - The policyholder will receive a sum equal to his or her fund value, should the Life Assured or the child survive up to the date of maturity of the contract
    • Funds - Policyholders can choose from one of the following funds:
      • Bond Fund - Low risk
      • Secured Fund - Low to medium risk with steady income
      • Balanced Fund - Medium risk with balanced income and growth
      • Growth Fund - High risk with capital gain over a long period

    How the LIC Child Fortune Plus Plan Works

    Under the LIC Child Fortune Plus plan, the policyholder can insure himself or herself in order to provide for the future needs of the child. While no insurance cover will be taken out on the child's life, the policy type can be acquired by the parent depending on the child's age, which will run until the child attains 25 years of age or until the policyholder attains 75 years of age. Premium can be paid upfront in a single lump sum or in installments at regular intervals over the term of the policy. Premiums paid will be utilised to buy units in an investment fund of the policyholder's choice.

    Premium Payment

    The LIC Child Fortune Plus plan allows policyholders to choose between making a single premium payment or premium payments over time, as per their convenience. The premium amounts that are required to be paid under both categories are as follows:

    Frequency Minimum Premium Per Installment Maximum Premium Per Installment
    Single Premium Rs 40,000 per annum None
    Regular Premium (Monthly Mode) Rs 1,000 per month None
    Regular Premium (Other Than Monthly Mode) Rs 10,000 per annum None

    Riders

    The LIC Child Fortune Plus plan does not come with any additional riders or add-on covers.

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